Yes.

The TIME= from the JOBCLASS only affects any EXEC which doesn't have an 
explicit TIME= (all of yours). If you put TIME= on the JOB card, then this 
trounces the JOBCLASS TIME=, and none of your steps, either the first step or 
in total, can exceed the TIME on the JOB card.

(you've not mentioned the use of PROCs, so I'll avoid pursuing that little 
discovery for now - I'm going to assume that that only kicks in with an 
explicit TIME= on the EXEC of the PROC).

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